Brazilians to Kick off Equity Flood

The next 2 weeks will feature heavy issuance in the LatAm equity markets, beginning with Qualicorp. The Brazilian health insurer is to sell today 39.2m secondary shares, including a 15% greenshoe, meaning a BRL652m ($356m) deal if done at Monday’s BRL16.62 closing price. The holders lowered their sights from an originally planned 55.8m share deal that could have seen them pocket more than BRL900m. Bank of America Merrill Lynch, Bradesco, Credit Suisse and Goldman Sachs are managing. Fleet outsourcing provider Locamerica is to follow Thursday with an IPO of up to BRL488m, via Banco do Brasil, Banco Votorantim, Bank of America Merrill Lynch, BTG Pactual and Itau. The following Tuesday brings a BRL1.29bn follow-on from Fibria, through Itau, Bank of America Merrill Lynch, Banco do Brasil, BTG, Deutsche Bank and Santander, as well as the long-awaited IPO of BTG Pactual. The Brazilian investment bank could raise up to BRL3.5bn in its debut seen as a test for ECM prospects this year. BTG, Bradesco, JPMorgan, Goldman Sachs, Citi, Banco do Brasil, Morgan Stanley, Deutsche Bank and UBS are managing. Finally, April 25 will see Alpek attempt to revive Mexico’s ECM with a MXP11.96bn ($910m) IPO and Brazil’s Unicasa bring an IPO of up to BRL623m.